Assessment of the Prospects for Granting the Status of a Regional Reserve Currency to the Ruble of the Russian Federation

Cover Page

Cite item

Full Text

Open Access Open Access
Restricted Access Access granted
Restricted Access Subscription or Fee Access

Abstract

In the modern global financial order, a number of currencies play the role of reserves, providing stability and liquidity in international financial transactions. In the article, the authors assess the possibility of giving the ruble of the Russian Federation the status of a regional reserve currency, as well as an analysis of the main challenges and threats to achieving this goal.

Full Text

Restricted Access

About the authors

Yulia I. Yanushkina

MIREA—Russian Technological University

Author for correspondence.
Email: Yanushkina.y.i@yandex.ru
ORCID iD: 0009-0009-6222-6906
SPIN-code: 9214-7060
Scopus Author ID: 804422

Senior Lecturer at the Department of Economic Expertise and Financial Monitoring

Russian Federation, Moscow

References

  1. Decree of the Government of the Russian Federation dated 11/12/2023 No. 1681 «On measures to implement the Decree of the President of the Russian Federation dated October 11, 2023 №. 771» // Collection of Legislation of the Russian Federation, 11/23/2023, №. 43, art. 7694.
  2. Adzhieva A.Yu., Tokarev K.K. Digital currency. Prospects for the introduction of the digital ruble into circulation // EGI. 2022. № 44 (6). URL: https://cyberleninka.ru/article/n/tsifrovaya-valyuta-perspektivy-vvedeniya-v-obraschenie-tsifrovogo-rublya.
  3. Alyokhina O.O. Supranational digital currency: prospects, risks and role in stimulating projects of national digital currencies. Risk Management, 2021, No. 2 (98), pp. 59–68.
  4. Gavrilov N.V., Prilepsky I.V. Ruble as the currency of international settlements: problems and prospects. Economic issues. 2017;(6):94-113.
  5. Garipov R.I., Maksimova N.N. The value of the digital ruble for the country's economy // Management in modern systems. 2021. № 4 (32). URL: https://cyberleninka.ru/article/n/znachenie-tsifrovogo-rublya-dlya-ekonomiki-strany.
  6. Gorbunova O.A., Novichenkova M.G. Prospects of using the ruble in international settlements as a world currency // Bulletin of Eurasian Science. 2018. № 3.
  7. Kulaeva E.K., Turaleva A.I., Kalimonov I.K. The Chinese experience of creating a digital national currency // Kazan Bulletin of young scientists. 2022. № 4. URL: https://cyberleninka.ru/article/n/kitayskiy-opyt-sozdaniya-tsifrovoy-natsionalnoy-valyuty.
  8. Litvinova S.A. The mortgage market in Japan: the «soap bubble» of the 1980s and its consequences // State and municipal administration. Scientific notes. 2022. № 1. URL: https://cyberleninka.ru/article/n/ipotechnyy-rynok-yaponii-mylnyy-puzyr-1980-h-gg-i-ego-posledstviya.
  9. Minakov A.V., Egorova E. V. Stability of the national currency as a factor in ensuring the economic security of the state // Russian Journal of Management. 2021. No. 2. pp. 76–80. DOI: https://doi.org/10.29039/2409-6024-2021-9-2-76-80.
  10. Moiseitsev V.V., Yeremeev A.A. Digital yuan: features of China's digital currency // E-Scio. 2021. № 6 (57). URL: https://cyberleninka.ru/article/n/tsifrovoy-yuan-osobennosti-tsifrovoy-valyuty-kitaya.
  11. Monetary regulation of the modern economy: textbook for universities / N. M. Rozanova.—2nd ed., reprint. and add. —Moscow: Yurait Publishing House, 2023. —380 p. —(Higher education). —ISBN 978-5-534-16457-2. —Text: electronic // Yurayt Educational platform [website]. p. 122 —URL: https://urait.ru/bcode/531180/p.122.
  12. Website of the Central Bank of the Russian Federation //https://www.cbr.ru/.

Supplementary files

Supplementary Files
Action
1. JATS XML
Download
2. Fig. 1. Factors of positioning the currency as a global reserve currency

Download (198KB)
Indexing metadata
3. Fig. 2. Nominal GDP ranking

Download (241KB)
Indexing metadata
4. Fig. 3. Change in GDP by PPP of Russia, in % to the year

Download (237KB)
Indexing metadata
5. Fig. 4. Key economic reforms and changes

Download (362KB)
Indexing metadata
6. Fig. 5. Trade balance of the Russian Federation, billion US dollars

Download (413KB)
Indexing metadata
7. Fig. 6. Structure of imports of services in 2023, %.

Download (182KB)
Indexing metadata
8. Fig. 7. Structure of services exports in 2023, %

Download (179KB)
Indexing metadata
9. Fig. 8. Brent crude oil prices

Download (259KB)
Indexing metadata
10. Fig. 9. Key geopolitical factors

Download (448KB)
Indexing metadata
11. Fig. 10. Inflation in Russia from 2014 to 2023

Download (308KB)
Indexing metadata